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China Calls Our Bluff: "The US is Insolvent and Faces Bankruptcy as a Pure Debtor Nation but [U.S.] Rating Agencies Still Give it High Rankings"
America's biggest creditor - China - has called our bluff.
As
the Financial Times notes,
the head of China's biggest credit rating agency has said America is insolvent and that U.S. credit
ratings are a joke:
The head of China’s largest
credit rating agency has slammed his western counterparts for causing
the global financial crisis and said that as the world’s largest
creditor nation China should have a bigger say in how governments and
their debt are rated.“The western rating agencies are
politicised and highly ideological and they do not adhere to objective
standards,” Guan Jianzhong, chairman of Dagong Global Credit Rating,
told the Financial Times in an interview.***
He
specifically criticised the practice of “rating shopping” by companies
who offer their business to the agency that provides the most favourable
rating.In the aftermath of the financial crisis “rating
shopping” has been one of the key complaints from western regulators ,
who have heavily criticised the big three agencies for handing top
ratings to mortgage-linked securities that turned toxic when the US
housing market collapsed in 2007.“The financial crisis was
caused because rating agencies didn’t properly disclose risk and this
brought the entire US financial system to the verge of collapse, causing
huge damage to the US and its strategic interests,” Mr Guan said.Recently,
the rating agencies have been criticised for being too slow to
downgrade some of the heavily indebted peripheral eurozone economies,
most notably Spain, which still holds triple A ratings from Moody’s.There
is also a view among many investors that the agencies would shy away
from withdrawing triple A ratings to countries such as the US and UK
because of the political pressure that would bear down on them in the
event of such actions.Last week, privately-owned Dagong
published its own sovereign credit ranking in what it said was a first
for a non-western credit rating agency.The results were very
different from those published by Moody’s, Standard & Poor’s and
Fitch, with China ranking higher than the United States, Britain, Japan,
France and most other major economies, reflecting Dagong’s belief that
China is more politically and economically stable than all of these
countries.Mr Guan said his company’s methodology has been
developed over the last five years and reflects a more objective
assessment of a government’s fiscal position, ability to govern,
economic power, foreign reserves, debt burden and ability to create
future wealth.“The US is
insolvent and faces bankruptcy as a pure debtor nation but the rating
agencies still give it high rankings ,” Mr Guan said.***
A
wildly enthusiastic editorial published by Xinhua , China’s official
state newswire, lauded Dagong’s report as a significant step toward
breaking the monopoly of western rating agencies of which it said China
has long been a “victim”.“Compared with the US’ conquest of the
world by means of force, Moody’s has controlled the world through its
dominance in credit ratings,” the editorial said...
China
is right. U.S. credit ratings have been less than worthless. And - in
the real world - America should have been downgraded to junk. See this,
this,
this,
this,
this,
this,
this,
this
and this.
China
is not shy about reminding the U.S. who's got the biggest pockets. As
the Financial Times quotes Mr. Guan:
“China is
the biggest creditor nation in the world and with the rise and
national rejuvenation of China we should have our say in how the credit
risks of states are judged.”
Might Makes Right
Economic Collapse
Indeed, Guan is even dissing America's
military prowess:
“Actually, the huge military
expenditure of the US is not created by themselves but comes from
borrowed money, which is not sustainable.”
As I've
repeatedly shown,
borrowing money to fund our huge military expenditures are -
paradoxically - weakening our national security:
As
I've previously pointed
out, America's military-industrial complex is ruining our economy.
And
U.S. military and intelligence leaders say that the economic crisis is
the biggest national security threat to the United States. See this,
this
and this.
[I]t
is ironic that America's huge military spending is what made us an
empire ... but our huge military is what is bankrupting us ... thus
destroying our status as an empire ...
Indeed, as I pointed
out in 2008:
So why hasn't America's
credit rating been downgraded?Well, a report
by Moody's in September states:
"In superficially
similar circumstances, the ratings of Japan and some Scandinavian
countries were downgraded in the 1990s.
***
For reasons
that take their roots into the large size and wealth of the economy and, ultimately, the US military power,
the US government faces very little liquidity risk — its debt remains a
safe heaven. There is a large market for even a significant increase
in debt issuance."So Japan and Scandinavia have
wimpy militaries, so they got downgraded, but the U.S. has lots of
bombs, so we don't? In any event, American cannot remain a hyperpower
if it is broke.
The fact that America spends
more than the rest of the world combined on our military means that we
can keep an artificially high credit rating. But ironically, all the
money we're spending on our military means that we become less and less
credit-worthy ... and that we'll no longer be able to fund our military.
The
Scary Part
I chatted with the head of a small investment
brokerage about the China credit rating story.
Because he gives
his clients very bullish,
status quo advice, I assumed that he would say that China was wrong.
To
my surprise, he simply responded:
They're right.
What's scary is that China knows it.
In other words,
everyone who pays any attention knows that we're broke. What's scary is
that our biggest creditor knows it.
Tricks
Up Their Sleeves?
China has been threatening
for many months to replace the dollar as the world's reserve currency
(and see this).
And China, Russia and other countries have made a lot of noises about
replacing the dollar with the SDR. See this
and this.
Gordon
T. Long argues
that the much talked about gold
swaps are part and parcel of the plan to replace the dollar with
the SDR. Time will tell if he's right.
China, of course, is not without its own problems. See this and this.
In related news, Germany's biggest companies are starting to shun Wall Street as too risky.
»
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US ZIRP gives multinational companies cheap money to outsource production.
Andy Xie
"This is because the main players in today’s globalisation are not countries, but multinational companies. These large businesses now allocate investment and production across the world, taking cost and regulation levels into account. Because companies can now move their investments across borders, government spending to boost demand in one country now leaks across borders into others. This leakage dramatically decreases the effectiveness of any Keynesian stimulus. Put simply, it now costs more to produce the same growth, and the growth does not become self-sustaining."
http://www.ft.com/cms/s/0/14e6ee9e-957e-11df-a2b0-00144feab49a.html?ftca...
the growth does not become self-sustaining.
These people make these statements without even batting an eyelash! There is NO such thing as "sustainable growth!" The FT folks are no smarter (or are being as equally deceptive) as those they are chastizing.
Hey China,
Be nice to the people you meet on the way up, because your going to meet them again on the way down. Good luck finding wives for all those boy babies, assholes.
Yeah, be nice just like the US? Running around the globe dropping bombs on everyone, yeah, That kind of nice?
I smell religious bigotry... Stupid stuff comes out of narrow minds I suppose...
Good luck to everyone else if they decide to give those boy babies rifles when they grow up and send them out looking for wives.
Chinese is amassing USD/Treasury because they are pegging their currency to USD. They can easily unpeg, sell off treasury, and stop amassing USD. Of course that will force Yuan higher against USD and thereby cause their export economy to collapse ... but that's what it is; no one is forcing them to hold US papers. Fuethermore, as they continue to peg their currency against USD Chinese are increasingly flooding their economy with their own fiat currency so I don't think they should say anything about other's credit rating ... Yep, chinese economy will collapse soon because theirs is just another Ponzi scheme.
It is interesting but not surprising that many West Coast (left wing) university professors would move to China which is run like dictatorship with central planning, no rights for its citizens and without the rule of law. All appears well at this time, but the country appears more like the South in 1860 with much of the population being treated as slaves without rights. It is also interesting that the socialist/left wing supportors of China ignore the fact that China creates more envirnomental damage than any other country. History shows that the rulers will become more oppressive and move to a police state without political and religious freedom of the people. The US appears weak at this time but individual freedom and democracy will eventually offset the mistakes being made by the Govt. China does not have the ability to adjust and will move more and more to (Stalin like) control of the people and econony.
Individual freedom and democracy? Since when? When will those precepts take hold again, and under what circumstances? Haven't we moved past the Tipping Point already?
We have created a society dependent upon debt and government spending to prop up the inefficiencies. Just one example - the US government now purchases or guarantees 95% of all of the mortgages originated in the country. There is no more private mortgage market. All in an effort to subsidize and prop up the housing market. How will the government ever get out without crashing house prices and thereby crashing the economy (banks, consumers, etc.)? Once you start down that road, there really is no way off without driving into the ditch.
The Irish and Iceland show the fallacies of austerity - as you cut spending the GDP shrinks, which mean you have to cut more. It's a downward cycle. But, you also can't keep spending forever. It's a trap, and we are already in it.
The Chinese talk alot. That's because they have no leverage. Countries with leverage just do (see US invasion of Iraq, Russian invasion of Georgia, etc).The Chinese abandon the dollar at their own peril.
Mr. Washington, your articles increasingly just seem to try to stoke alarmism with deliberate exclusion of broader perspectives.
Seems to me the more likely future is not some apocolyps but simply interest rate preasure on 10 year debt like we saw during the last QE exercize.
Dead flat out wrong. China is simply biding its time - allowing us to do some of the dirty work for them (at our expense). The wars in Iraq and Afgan. have been trillion $ folly's that have and will accomplish little over the long term. We are spending ourselves into irrelevancy, while the Chinese take the time to build their internal market, acquire resources, and develop global partnerships. The multi-national companies see the future, and they are tripping over themselves to get into China. They are allowing us to remain arrogant and over-confident, knowing that we are sowing the seeds of our own destruction.
+1
gw is the biggest whiner on zh
Everything is cyclical. Nations rise, nations fall. China's turn now, India next.
After that maybe the US becomes Mexico and we pay dirt poor wages, then our turn again.
I guess this shit has more impact the younger you are. If I were twenty, I'd be working on my Mandarin and Hindi. And Cantonese for the movies.
But... you ASSUME that there's another cycle. It's ALL under just ONE cycle, and maybe this is the end of that one big cycle? And by that I'm referring to capitalism (w/o the ability to extract increasing amounts of resources capitalism is basically dead).
China is interesting. Some have suggested that China is a massive bubble ready to crash, and others suggest China is ready to eat us alive. I suspect the bubble story will come first. China has a real estate bubble that is much worse than ours. And, everyone knows it. China needs massive natural resources. Everyone knows it. And China is being undercut by cheaper labor costs in India and SE Asia. And everyone knows that. I am sure they will be using the dollars they have to bail themselves out of big poverty, and joblessness which will come their way.
The US will elect some new legislators that will end the crazy increase in spending, and bring things more back in line with the Bush administration budgets. No one believes the rating agencies, but the facts are out there for all to see. The US has unsustainable deficits until Congress lowers spending.
The US will elect some new legislators that will end the crazy increase in spending, and bring things more back in line with the Bush administration budgets.
Cough, spit... and you were doing so well until you spewed this crap! Really, allowing the wolves to run free, cutting taxes and starting wars (the only time taxes haven't been increased during a war), This you call sane?
The concept of sovereign nations ceased to exist eons ago, it is simple the easily confused and bewildered, or those under the age of 30, who still accept such notions.
The majority of Chinese-made products making their way into the US market profit the American-based multinationals who have offshored the work, jobs and production facilities over there.
The PLA (People's Liberation Army, or the Chinese military as it were) own the vast, if not all, the factories in China. They are likewise the largest property owner there, naturally.
The multinationals ship the jobs to China, China buys the T-bills, etc., from those countries (the US in this case), and the scheme continues unabated.
But where, originally, did China, a country where the labor has been the cheapest 'cause it be a poor country (once upon a time) come up with those funds to buy those T-bills over the preceding years?
Beginning to cactch on? I hope....
Currencies flow at nearly the speed of light, labor does not.
Especially when congress lowers spending on all that pesky regulation which keeps the rich from devouring the remnant's of the former middle class.
DOW/SP500 daily chart is bullish for now ...
http://stockmarket618.wordpress.com
Now it's moving into all out economic warfare. This is China's first broadside salvo. The problem is the big US banks don't really owe allegiance to the country anymore. To put it bluntly we have traitors at the top of our financial system. We can no longer afford to allow them this luxury. They have done a lot of damage up to this point. It is entirely possible that China could take us down; especially with the traitor banks' help.
Actually I think US, in a strange way, has the advantage everyone should have, sovereignty and power over their currency. Other countries can be taken down by bond guys, rating agencies, Soros of the world but countries can resist, as Malaysia did during Asian crisis, and in the process gave example to other countries to be spared the worst of IMF policies...US has not been taken out given its bully position in the world. But actually it shows that any country, if they eschew insider or outsider interference that is not good for common wealth, can use their money supply to keep economy from unnecessary booms and busts (organic things like technologies revolutions, natural disasters, wars (maybe) will take their disruptive toll) but no reason to languish in a depression or austerity for decades. Its all controlled by Central banksters, and to date, they have attacked others, not US, but of course this is not because US is more democratic or populist, just because banksters apparently have their reasons to not fully come at us...but they certainly have bled middle class America.
This man must be sacked for "Telling the truth".Or re-educated and made a Stress Test Inspector and given a payrise.
But with the Fr_odd Fin-Reg bill passed, rating agencies are liable for their ratings. So they won't. So what is the problem?
- Ned
I am also based in Asia, and my kids are fluent in the local language and English of course. I have a choice to open my new business here where it is easy or start or at home in Australia where the red tape and expense is a nightmare. Not only that but the current government back there looking for re-election is actually selling a cash for clunkers scam! Need I say anymore about the stupidity of my home country? They elect the socialists and so they get what they deserve, not for me thanks.
Reality is that the US is fucked, all the rabid nationalism in the world won't change that you have all been screwed by the politicians you elected over decades, why live in denial? Want to fix it then do so, don't insult our intelligence by claiming it is otherwise. I agree it is sad, as the ideal of ther US was only ever embraced by the poor and middle class as the Elite laughed at your children dead on their money making fields of war and set about to screw you. Don't complain as that taxi has already left the rank.
The Poster is correct, Asia is the future, this is where I choose to be and where I prefer to make business. Try it out if you are an entrepreneur and make up your own mind, but spare us the inane Commie talk.
Reality is that the planet Earth is fucked....
Or at least the human race's future existence....
We have had the biggest bunch of sociopaths running this country over the last hundred years. They don't care about China, any other part of the world--or even their own county. They enjoy human suffering and thats about all.
bigkahuna
"We have had the biggest bunch of sociopaths running this country over the last hundred years"
Limited perspective, try from day one.
US was a nation founded by rich white males for rich white males. We stole everything we wanted and killed without remorse or regret. We enslaved averyone we could.
you're a fucking idiot. Right...Nicola Tesla stole AC power from a native, and the Wrights stole the airplane from a mexican.
STFU and drop dead, Uncle Tom
Robbing does not exclude robbers from their own achievements. Stupid statement. Like telling that a carjacker did not rob a car because he designed a peculiar way to go round a security device.
WTF? YOU get flagged for telling the truth? Are there really that many ignorant fucks out there that don't have a clue about history? Come on whimps, chime in with your reasons for disagreeing!
An answer, in general and specifics, without junking you.
Many fo those white men who founded the country were not rich. Many who were, lost everything in the attempt. Most who fought certainly weren't rich, and many were not even white. But, every person is a prisoner of their times. Even idealists who see a better future may lack the ability to achieve it. A practicle example of the difficult and not clear cut choices people make in the real world, as opposed to the cushy faculty lounge: The colonies were divided over slavery. Not a major issue, but contentious. Like it or not, it was a political concession to the colonies who depended on it that had to be made or there simply would not have been a United States. But part of the concession included Art 1 Sect 9, which banned the importation of slaves....in twenty years, as a way to leave the door open to ending it. Many of the founders provided for freeing their own slaves, ...in their wills.
As for the Rich White Men:
Lifted from some web site: "Carter Braxton of Virginia, a wealthy planter and trader, saw his ships swept from the seas by the British Navy. He sold his home and properties to pay his debts, and died in rags. Thomas McKeam was so hounded by the British that he was forced to move his family almost constantly. He served in the Congress without pay, and his family was kept in hiding. His possessions were taken from him, and poverty was his reward. Vandals or soldiers looted the properties of Dillery, Hall, Clymer, Walton, Gwinnett, Heyward, Ruttledge, and Middleton. At the battle of Yorktown, Thomas Nelson, Jr. noted that the British General Cornwallis had taken over the Nelson home for his headquarters. He quietly urged General George Washington to open fire. The home was destroyed, and Nelson died bankrupt. Francis Lewis had his home and properties destroyed. The enemy jailed his wife, and she died within a few months. John Hart was driven from his wife's bedside as she was dying. Their 13 children fled for their lives. His fields and his gristmill were laid to waste. For more than a year he lived in forests and caves, returning home to find his wife dead and his children vanished. A few weeks later, he died from exhaustion and a broken heart. Norris and Livingston suffered similar fates."
There are thousands of books on the history of the US. It is too complicated to try and counter ever single fault and ad hominem attack on a bunch of dead guys who can't defend themselves, to those who want to "transform" this country. Their Rules for Radicals would not allow them to hear anyway. The history of the US is not clear cut. A land of opportunity, and exploitation. Success, and failures. Entrepeneurs and Loan shark banksters. Quite simply, never in the history of the world, has any grand endevour been made on any such great ideas and promise as the creation of the United States. Never in history have so many been raised so far in such a short time.
And those who quote the failures of some of those promises as justification that the system is corrupt and should be destroyed? These are the same people who supported the likes of Lenin, Mao, and Castro, who blindly look the other way over the horrendous records of what they would spawn if given the chance. Do you REALLY think if given the chance to dissolve the US Republic, the new and improved "Peoples Republic" would be any less under the heel of the banksters? Any less of an empire? Who in the end helped creat, and dissolve, the Soviet Union? Another layer of deniability might get added, but the corruption currently strangling this country, and the world, would remain, only under the PRofA there would be no dissent.
Right now, at this moment, the POTUS has an internet kill switch. Right now, there are those seriously talking about shutting down bloggers, cable news channels, and talk radio. Do you really believe there would be free speech in that utopia? Look at the "free" countries of the UK or even Canada. People are arrested for "hate" speech. ARRESTED for TALKING. If anything deemed offensive is banned, then is anything free? How much longer before "thought" crimes are chargable? In that world there would be no free US to escape to. No US to act as the light of hope, even if it is just the glow from the 24/7 Walmart sign. A shelf full of TP beats Dear Leaders empty rhetoric any day.
Bring down the US and what is left? China as the model for internet expression and individual freedom? If China is the future, we're all screwed. A world of petty bureaucratic departments called countries, all enslaved to the all powerful, but completely invisible global Central Bank. Invisible, cause there certainly can't be a ZH fomenting "disinformation", and "hate speech" to confuse and unsettle the masses.
The only thing standing between that future and mankind is that shreaded, silly, out dated, document called the Constitution, written be a bunch of those dead rich white men.
I dont see what you meant by the answer if you meant it as an answer to the US being founded by rich white men for rich white men.
How could inner fighting be an evidence against the made point?
Your argument fails in all parts.
First, infighting is present nearly everywhere. Because there was infighting did not exclude a system from granting priviledges.
Britain was supposed to grant priviledges. Yet they did know infighting. Is it needed to provide examples of british nobles infighting? If so, would it show that the nobility system of priviledges did not exist because some nobles had it hard?
Makes no sense.
Where the argument fails big time, it does not even relate with the made point. It related to a period pre US. At the time, the US did not exist. It tells nothing on what the US was to be.
As to ZH not being allowed, you simply propagate here. The Internet yields very interesting lessons on it. Because the Internet has been mostly a territority for western nations and their citizens out of the direction of their governments. No government between the observer and the Internet populations. Censorship is widely practised by Western people. So much that the conclusion tends to be that they dont support freedom of speech.
Freedom of speech is only speech that can be told because it is harmless to the group, to the power structure.
This site is allowed because it has zero impact on the US stability. The US has this priviledge internal dissenting factions wont find allies outside the US. You can let people speak because they are absolutely harmless to the power structure. What actual action (notice the emphasis here) has this site started that could threat the US power structure?
China has it different. Internal dissent factions are very courted by foreign powers looking forward to destabilizing China so it breaks apart.
You simply tried to sell a reward of a dominating position (US is number one in the military yard) as something non derived from domination. Very US propaganda like. Save that this crisis is beating hard all this kind of propaganda.
Georgie,
great article, adressing a central problem (unlike these bs stress tests). Team Obama and CNBC still think the Chinese are blind but exactly the opposite is true. They know USA is broke, also not an easy situation to handle for them, as they are worried about the Treasury holdings.
In the meantime, all mainstream medias trumpet the excellent results of the stress tests and how healthy the banks are. SICK!!!!!!!!!
GW, I second the motion. Excellent article and it is too bad that an exchange of ideas did not take place but instead, an overwhelming barrage of nationalistic fervor.
Why are the flag wavers proclaiming the greatness of America now, after America has been stolen by American bankers and politicians?
Where were these flag wavers when GATT, NAFTA, and an avalanch of follow on 'free trade' policy was being planned and implemented in the 1970s?...probably shopping at Wal Mart or buying a new Honda or VW!
The truth of the matter is that the US financial system is no longer structured to work for Main St America, but for multinational financial and industrial corporations that pay little if any taxes to the US Gov and do not give a damn about Main St America.
The only time that Main St America is called upon is when Wall St and the big multinationals get into financial difficulty and need a bail out via future taxes from Joe 6 pack. Once the bail out is accomplished the big boys give the middle finger to Main St and it's business as usual again.
The first post after your article smells like a set up and was followed by ''a bunch of good ol boy posts by the folks from the hills and hollers" ...they sound more like 'dueling banjoes' than the economically informed.
I believe that the most overlooked aspect of China is their collective patience. Something in short supply among Americans. China certainly has enormous problems to solve and perhaps they will never solve them, perhaps they will never become the economic power that they are striving to become...America's problem is that it's financial system has become America's worst enemy and owns DC and that is the problem that America must overcome.
I don't know who will prevail in this economic duel...but we certainly need to get our political and economic houses in order to make a contest of it.
BTW, the militaries of the US and China are not going to play major roles in the contest. No one wins a full scale nuclear war and we are certainly not going to invade China with ground forces to fight a well trained and well equipped 300,000 man Chinese army. Our forces did not prevail in N Korea, Viet Nam, and they would not succeed succeed in China.
Viet Nam was feeling frisky after the US pulled out of that conflict and decided to claim land from China in a long running border dispute. China sent a large force to their southern border and kicked the crap out of the Vietnamese in a couple of weeks, pushing them back to the original recognized border, 20 miles south. This was a Chinese army that had not fought a battle in forever against a Vietnamese army that was battle hardened in ~12 years of continuous war with the French and then the US.
Just sayin'
Well put and spot on Snidley...
I believe that the most overlooked aspect of China is their collective patience.
"Patience" is possible when you rule with an iron fist. But yes, I get it that they have a longer view of things; but... thanks to infections by the West China is now being stressed to deliver that which they will never be able to deliver- "the American Dream." As people become more aware of the scam being played on them there you will see just how patient the masses are...
"but... thanks to infections by the West China is now being stressed to deliver that which they will never be able to deliver- "the American Dream."...
I suppose you haven't noticed but even America is not delivering "the American Dream"...certainly not to the standard of living that Americans that grew up and went to school in the 1950s - 60s and early 70s were accustomed to. The standard of living for people of that era is now gone, replaced by little upward mobility, stagnant wages, overpriced housing, autos, declining access to revolving/non revolving credit, forever college loans, an enormously expanded government, ad infinum.
Which, if any, "American Dream" is going to return and which one do the Chinese aspire to?
On average the Chinese save 40% of their income. The Chinese understand the difference between necesscity and consumer garbage that turns up at millions of garage sales across America every weekend. Necessity is shelter, clothing, food, water, and occasional medical attention...all else is bull shit.
SW keeps 'em coming...
Seer you put up some great posts, but I think you misunderstand China a bit, despite your avatar. [Is that Genhgis Khan?]
They have rebuilt most all of their cities. When they finish, there is well thought out access for pedestrians and bicycles. They build trains - high-speed trains and they use fossil fuels to build hydro-power.
Yes they do wasteful central planning - but we don't?
Yes they have corruption - but when perps are caught they get wacked. Do we have corruption? What do we do about it?
This is important too - I believe that the most overlooked aspect of China is their collective patience.
I think the majority of Chinese people are proud of what they've accomplished and happy about where they're going. Their leadership has delivered.
Most Americans in contrast, seem to be numb and sleep-walking.
For whatever reason, the Chinese leadership seems to be genuinely interested in improving the lot of the masses. Is there anyone left in America who believes American leadership has any interest in looking out for the people?
Even if China loses all the value of the dollars they hold they still have the industrial base they have built which is the envy of the world. America on the other hand, is bankrupt & industrially gutted. Just who do you think has the best odds of prevailing in the new world order?
Crap made by peons - the envy of the world!!!
You should emigrate.
NWO is dead, D E A D! Resource depletion will decimate any hopes here, with energy being the key. And China, now being the number one energy importer, is D O O M E D in the same fashion as the US is: build your infrastructure on non-renewable resources only leads to one outcome- collapse!
Contrary to what a lot of people have been programmed to believe, most of the lost US jobs were taken over by robots, in the US (http://www.despair.com/madeinusa.html) as well as elsewhere (see http://www.automationworld.com/webonly-320). Given that a lot of manufacturing relies on the old energy paradigm I'm inclined to believe that it was all a big plan, to transfer old technologies and systems to China, to sell them the them; I mean, who is going to be driving cars when our roads are falling apart and energy is scarce? Sadly I have to agree with the anti-union folks in that unions would keep us trying to produce crap that's no longer desired (though, the anti-union folks are primarily mouth pieces for corporate power).
To repeat: NWO is D E A D! China or no China, doesn't matter; there's not enough resources available to bring all 6.5+ billion people under control.
"there's not enough resources available to bring all 6.5+ billion people under control."
I thought genetically engineered franken foods, slashing public services in the name of austerity, and destroying the worlds production and distribution network with cap and trade were supposed to be taking care of that. Remember, every dollar tacked on to the cost of a bag of rice means so many thousand dead third worlders per year.
NWO is not dead. They are just making a big risky move.
CNBC aren't stupid. I'm sure they're well aware of the gravity of the situation. But they're a corporate network, at the mercy of advertisers. They need to sell ad space, and the best way of doing that is to carry on advertising their sponsors during regular programming.
Just as Rupert Murdoch decided to make Fox News ultra-right leaning, as it filled a commercial space - it's a business decision.
Fox only appears ultra-right since the other networks have gone ultra-left. It's gotten to the point where some of them are openly admit on-air that they're taking their talking points straight from the White House(morning joe chick, and of course George Stephanopoulos DNC operative at large).
About 30-40 years ago had Fox been around they would have appeared at most center-right.
Arrrrgh!!! Don't play the left right BS game you are meant to play. All politicians work for the Banksters.
Let me ask you this - Are the Banksters to the left of you or to the right of you?
How about - on top of you with a boot on your neck??
That's why NPR championed the illegal US wars? Why it only has on war proponents (ex general hacks and whatnot)?
Gawd, another programmed Stepford idiot...
divide_by_zero
Ultra left? Hahaha.
Dude if you really believe that shit then there is no hope for you.
Business channels endorsing jobless benifits and healthcare tax
Yeah , That's pretty much ultra-left to me
IMHO, it's both. Yes, they are at the mercy of advertisers, so they spin positive (as a business decision, no matter the facts).
However, IMHO like most "reporting" these days, they are also stupid. Bad grammar. Poor understanding of the issues. Misuse of technical terms. They fundamentally do not understand the topics about which they write. You can actually get "dumber" by listening to what they say, and reading what they write.
If you have a brain and want to "do" something, you do it. If you don't, then you "wimp out" and do nothing by becoming a "teacher" or "reporter" -- demonstrably the lowest academic performers.
That's why blogging and the new media is so strong -- it's being done by professionals and accomplished experts in various fields. Even though they type from their kitchens in their underwear, they actually understand the words they are using.